Custom Truck makes Canadian acquisition
By Murray Pollok20 January 2022
US-based utility equipment rental and sales company Custom Truck One Source, Inc has completed the acquisition of HiRail Leasing Group for US$46.0 million. The deal includes HiRail Leasing, Northshore Rail Contracting and Heavy Equipment Repairs.
HiRail is one of the largest road-rail equipment rental companies in Canada, with 600 units in its fleet, including light-, medium- and heavy-duty trucks fitted with a wide range of attachments. It serves Canada’s railways and rail contractors from two locations in Ontario and Alberta.
Custom Truck CEO, Fred Ross, said; “This acquisition allows us to accelerate growth in our core rental business. We will leverage our one stop shop capabilities in rental, sales, equipment upfitting, and service to meet the critical equipment needs of new and existing customers across Canada.”
Custom Truck already operates in Canada through a single location in Calgary, Alberta, and has around 30 locations across the US.
Ryan McMonagle, Custom Truck President & COO, said HiRail had been working with rail customers for more than 30 years; “We look forward to carrying on that tradition and building on that reputation to expand our presence in Canada and to support our customers, employees and communities.”
Custom Truck runs a rental fleet of more than 9,000 units, includes aerial devices, boom trucks, cranes, digger derricks, pressure drills, stringing gear, hi-rail equipment, repair parts, tools and accessories.